President Joe Biden on Friday morning is slated to sign into law a bill that prevents a U.S. railroad strike by imposing a deal on freight-rail workers, even as four of their 12 unions oppose it.
The U.S. Senate on Thursday voted 80-15 in favor of the measure, after the House of Representatives approved it Wednesday by a vote of 290-137.
Top Democrats said they didn’t like going against the ability of unions to strike, but it was more important to avoid a rail shutdown that would cause widespread economic pain. Biden is due to sign the bill and deliver remarks around 10:15 a.m. Eastern, according to the White House. Railroad operators’ stocks finished with gains Tuesday as traders reacted to Washington’s moves to prevent a strike, but Norfolk Southern Corp. NSC, -1.57%, CSX Corp. CSX, -2.59% and Union Pacific Corp. UNP, -0.86% all lost ground Friday as the broad market SPX, -0.77% DJIA, -0.53% fell in the wake of a stronger-than-expected jobs report that raised fresh concerns about inflation.
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